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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
BRAZIL
- Brazil's Ibov Index has made solid recovery in recent sessions in line with an appreciating BRL and firmer commodity prices
- The index found support at 0.115m after shedding -12.49% from its peak at 0.131m in June – rising +4.22% from last week's low as iron ore prices stabilised and oil prices mounted three days of impressive gains
- The Ibov currently trades off a 9.42x P/E, 2.08x P/B While the MSCI EM Index reflects a 16.27x P/E & 1.87x PB
- JPM turned bullish on Brazilian equities last week, shifting them to overweight in its LatAm portfolio on both a short and medium-term horizon with 53% of companies beating consensus earning estimates this quarter
- Dynamic support comes in from the 200dma at 0.119m, alongside lateral support going back to Dec-2020 and 0.118m.
- Next noteworthy levels on the topside are 0.122m, the 100dma at 0.124m & the Jan highs at 0.125m (61.8% fib level).
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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